Factors that could cause actual results to differ materially from those described in such forward-looking information include, but are not limited to: risk related the Company’s strategic efforts to redevelop its existing infrastructure and provide data center services for HPC and AI applications; future capital needs and uncertainty of additional financing, including to support any potential acquisitions by the Company; share dilution resulting from equity issuances; risks relating to the strategy of maintaining and increasing Bitcoin holdings and the impact of depreciating Bitcoin prices on working capital; effects on Bitcoin prices as a result of the most recent Bitcoin halving; development of additional facilities and installation of infrastructure to expand operations may not be completed on the timelines anticipated by the Company, or at all; ability to access additional power from the local power grid and realize the potential of the clean energy strategy on terms which are economic or at all; a decrease in cryptocurrency pricing, volume of transaction activity or generally, the profitability of cryptocurrency mining; further improvements to profitability and efficiency may not be realized; development of additional facilities to expand operations may not be completed on the timelines anticipated by the Company; ability to access additional power from the local power grid; an increase in natural gas prices may negatively affect the profitability of the Company’s power plant; the digital currency market; the Company’s ability to successfully mine digital currency on the cloud; the Company may not be able to profitably liquidate its current digital currency inventory, or at all; a decline in digital currency prices may have a significant negative impact on the Company’s operations; the volatility of digital currency prices; and other related risks as more fully set out in the Annual Information Form of the Company and other documents disclosed under the Company’s filings at and The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company.
With a healthy balance sheet, zero long-term debt, and triple-digit revenue growth in the previous financial year, we believe the Company is well-positioned for the quarters ahead.” First Quarter 2025 Highlights The Company’s total aggregate Q1 2025 revenue of approximately $12.1 million (based on a BTC price of $83,500 as of March 31, 2025, per CoinMarketCap) represents an increase in quarterly revenue of approximately 115% from total aggregate Q4 2024 revenue of $5.63 million (based on a BTC price of $93,429 as of December 31, 2024, per CoinMarketCap);Revenue from digital currency mining of approximately $9.1 million (based on a BTC price of $83,500 as of March 31, 2025, per CoinMarketCap) reported for the three-month period ended March 31, 2025, compared to $5.1 million (based on a BTC price of $93,429 as of December 31, 2024, per CoinMarketCap) for the three-month period ended December 31, 2024, an increase of approximately 78%;The Company earned revenue from the sale of energy of approximately $3.0 million during the three-month period ended March 31, 2025, compared to $0.56 million for the three-month period ended December 31 2024, an increase of approximately 436%;The split of revenues for the quarter, being approximately 75% from mining and 25% from energy sales, highlights the Company’s commitment to diversifying its revenue mix across synergistic verticals;On a quarter-over-quarter basis, the Company’s cash, BTC and cash deposits totaled approximately $10.3 million as of March 31, 2025, as compared to $10.0 million on December 31, 2024 (based on a BTC price of $83,500 as of March 31, 2025, and $93,429 as of December 31, 2024, per CoinMarketCap); On a month-over-month basis, the Company held cash, BTC and cash deposits of approximately $10.3 million as of March 31, 2025, as compared to $10.1 million on February 28, 2025 (based on a BTC price of $83,500 as of March 31, 2025, and $84,373 as of February 28, 2025, per CoinMarketCap);The Company expended approximately $4.1 million in Q1 2025 on capital expenditures, mining infrastructure support equipment, deposits and required payments to ensure carbon compliance.
In connection with the forward-looking information contained in this news release, the Company has made assumptions about: the current profitability in mining cryptocurrency (including pricing and volume of current transaction activity); profitable use of the Company’s assets going forward; the Company’s ability to profitably liquidate its digital currency inventory as required; historical prices of digital currencies and the ability of the Company to mine digital currencies on the cloud will be consistent with historical prices; the ability to maintain reliable and economical sources of power to run its cryptocurrency mining assets; the negative impact of regulatory changes in the energy regimes in the jurisdictions in which the Company operates; and there will be no regulation or law that will prevent the Company from operating its business.
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